India is the most attractive emerging market for clean energy investment, says Prime Minister Modi

• According to Indian Prime Minister Narendra Modi, India is poised to double its energy consumption by 2040, and in that role, the country can be a ‘force multiplier’ for the world economy.
  
• He outlined India’s energy map and highlighted the seven key drivers behind it — from moving towards a gas-based economy to the role of digital innovation.
  
• Modi is confident that India will achieve its ambitious target of increasing the renewable energy installed capacity by 175 GW by 2022.
  

Prime Minister Narendra Modi pitched for India to be a catalyst in the world of renewable energy. According to him, since the global demand for energy may be contracting and on the other hand, India is poised to double its energy consumption by 2040 — and hence, the country can be a ‘force multiplier’ for the world economy.

“A self-reliant India will also be a force multiplier for the world economy. Energy security is at the core of our efforts,” he said at the Indian Energy Forum.

He outlined India’s energy map and highlighted the seven key drivers behind it — from moving towards a gas-based economy to the role of digital innovation.

Here are all the drivers of change in India’s energy sector, according to Modi:

1. Accelerating our efforts to move towards a gas based economy.
   
2. Cleaner use of fossil fuel, particularly petroleum and coal
   
3. Greater reliance on domestic sources to drive biofuels.
   
4. Achieving the target of 450 GW by 2030.
   
5. Increasing the contribution of electricity to decarbonise mobility.
   
6. Moving into the emerging fuels including hydrogen.
   
7. Digital innovations across all energy systems.
   

“With a smaller carbon footprint, our energy sector will be growth-centric, industry-friendly and environment-conscious,” he added.

Here are the highlights from Modi’s speech at the India Energy Forum:

• There is set to be global energy contraction of demand over the next few years as well. But, India’s will emerge as a leading energy consumer. India is set to double its energy consumption by 2040.
• India is the third largest and the fastest growing aviation market in terms of domestic aviation.
• Indian fleet carriers are to increase their fleet sizes from 600 to 1,200 by 2024.
• Access to energy must be affordable and reliable. That is where socio-economic progress can take place.
• India's energy plan aims to ensure energy justice. That too, while fully following our global commitments for sustainable goals.
• With a smaller carbon footprint, our energy sector will be growth-centric, industry-friendly and environment-conscious. That is why India is one of the most active nations in furthering renewable sources of energy.
• In the last six years, over 11 million smart LED street lights were installed. This has enabled an estimated energy saving of 60 billion units per year. The estimated greenhouse gas emission reduction with this programme is over 4.5 crore tonnes of CO2 annually.
• We also save around ₹24,000 crore annually from the same
• A self-reliant India will also be a force multiplier for the world economy. Energy security is at the core of our efforts.
• India will always work keeping in mind global goals. We're well on track to meet the commitment we made to the global community.
• We had aimed to increase the renewable energy installed capacity by 175 GW by 2022
• We have further extended this goal to 450 GW by 2030. India has one of the lowest carbon emissions than the rest of the industrialized worlds.
• Our refining capacity will increase from about 250 to 400 million metric tonnes per annum by 2025. Increasing domestic gas production has been a government priority as well.
• We plan to achieve ‘One Nation, One Gas Grid’ and shift towards a gas-based economy.
• For too long, the world has seen crude prices on a rollercoaster, we need to move towards responsible pricing. We have to work towards transparent and taxable markets for both oil and gas.
• To increase domestic production of natural gas and to bring uniformity in the market price discovery of gas, we have announced natural gas marketing reforms earlier this month. They will give greater marketing freedom in the sale of natural gas through e-bidding.
• India's first automated national level gas trading platform was launched in June this year. This prescribes standard procedures to discover the market price of gas.
• We're moving forward with a vision of Atma Nirbhar Bharat.A self-reliant India will also be a force-multiplier for the global economy. Energy security is at the core of our efforts. Our work is giving positive results.
• During these challenging times, we have witnessed investments through the oil and gas value chain. We are seeing similar signs in other sectors too.
• We are driving strategic and comprehensive energy engagement with the key global energy player.
• We are developing energy corridors with our neighbours for mutual benefit.

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